Truist Financial Increases Trex (NYSE:TREX) Price Target to $60.00

Key Points

• Truist Financial raised its price target on Trex to $60 from $55 and kept a buy rating, implying about 30.4% upside from the current price.
• Trex’s latest quarterly results beat expectations, with EPS of $0.59 versus the $0.51 estimate and revenue of $343.4 million versus $339.99 million expected.
• Analyst sentiment remains mixed overall: Trex has a consensus Hold rating and an average price target of $48.11, even as several firms have recently adjusted their views and targets.

Trex (NYSE:TREX - Get Free Report) had its price objective lifted by investment analysts at Truist Financial from $55.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the construction company's stock. Truist Financial's target price suggests a potential upside of 30.41% from the stock's current price.

Several other equities research analysts have also recently weighed in on TREX. Stifel Nicolaus raised their price objective on shares of Trex from $44.00 to $47.00 and gave the company a "hold" rating in a research report on Tuesday. Citigroup reaffirmed a "neutral" rating and set a $43.00 price objective (down from $46.00) on shares of Trex in a report on Monday, May 11th. Weiss Ratings upgraded Trex from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. Barclays reaffirmed an "underweight" rating and set a $42.00 price target (up from $36.00) on shares of Trex in a research note on Tuesday. Finally, Bank of America decreased their price target on Trex from $43.00 to $42.00 and set an "underperform" rating on the stock in a report on Monday, April 20th. Ten equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $48.11.

Trex Trading Up 0.2%

NYSE TREX opened at $46.01 on Tuesday. The company has a market cap of $4.78 billion, a P/E ratio of 26.68, a P/E/G ratio of 9.58 and a beta of 1.46. Trex has a 1 year low of $29.77 and a 1 year high of $68.78. The company has a fifty day simple moving average of $43.41 and a 200 day simple moving average of $41.09.

Trex (NYSE:TREX - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The construction company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.08. The company had revenue of $343.40 million for the quarter, compared to the consensus estimate of $339.99 million. Trex had a return on equity of 19.66% and a net margin of 16.25%.The firm's revenue was up 1.0% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. Equities research analysts forecast that Trex will post 1.68 EPS for the current fiscal year.

Insider Activity at Trex

In related news, SVP Jacob T. Rudolph sold 1,400 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $50.00, for a total value of $70,000.00. Following the sale, the senior vice president directly owned 36,631 shares in the company, valued at $1,831,550. This trade represents a 3.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Trex

Hedge funds and other institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in shares of Trex in the 4th quarter valued at $27,000. Clearstead Trust LLC acquired a new position in shares of Trex in the 4th quarter valued at approximately $33,000. Versant Capital Management Inc bought a new stake in Trex during the 2nd quarter worth approximately $58,000. Ascentis Independent Advisors acquired a new stake in Trex during the 1st quarter worth approximately $44,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Trex in the fourth quarter valued at approximately $47,000. 95.96% of the stock is owned by institutional investors.

Trex Company Profile

Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company's core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.

Trex's product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.

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